Observatory · observe first

Allocation and performance can disagree

Read two independent dimensions together. A position on this map describes the observation—it does not imply what happens next.

Historical time machine
Historical observation
20182026

Market allocation quadrant

Horizontal: 12M weight change (pp) · vertical: 12M relative return (%) · bubble size: current loaded-universe weight

-3.50 pp-110%-1.75 pp-55%+0.00 pp+0%+1.75 pp+55%+3.50 pp+110%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.49 pp weight change; -34.3% relative return; weight 0.91%Technology Hardware, Storage & Peripherals: -0.58 pp weight change; -5.7% relative return; weight 7.97%Technology Hardware, Storage & PeripheralsBiotechnology: -0.32 pp weight change; -14.0% relative return; weight 1.80%Health Care Equipment: -0.27 pp weight change; -10.8% relative return; weight 2.26%IT Consulting & Other Services: -0.23 pp weight change; -19.1% relative return; weight 0.95%Application Software: +0.16 pp weight change; -0.8% relative return; weight 3.55%Application SoftwareSemiconductors: +3.11 pp weight change; +26.7% relative return; weight 14.71%SemiconductorsAgricultural Products & Services: -0.01 pp weight change; -16.0% relative return; weight 0.09%Human Resource & Employment Services: -0.05 pp weight change; -10.7% relative return; weight 0.33%Multi-Utilities: -0.14 pp weight change; -12.1% relative return; weight 1.05%Electric Utilities: -0.01 pp weight change; -2.0% relative return; weight 1.47%Independent Power Producers & Energy Traders: +0.00 pp weight change; +12.6% relative return; weight 0.08%Life & Health Insurance: -0.09 pp weight change; -14.1% relative return; weight 0.36%Multi-line Insurance: -0.02 pp weight change; -2.9% relative return; weight 0.15%Insurance Brokers: -0.07 pp weight change; -13.9% relative return; weight 0.64%Internet Services & Infrastructure: -0.02 pp weight change; -11.9% relative return; weight 0.11%Specialty Chemicals: -0.17 pp weight change; -25.6% relative return; weight 0.46%Health Care Supplies: -0.06 pp weight change; -42.9% relative return; weight 0.08%Property & Casualty Insurance: -0.13 pp weight change; -10.1% relative return; weight 1.00%Building Products: -0.04 pp weight change; -12.5% relative return; weight 0.54%Semiconductor Materials & Equipment: +0.25 pp weight change; +6.1% relative return; weight 0.74%Electrical Components & Equipment: -0.01 pp weight change; +0.0% relative return; weight 0.61%Asset Management & Custody Banks: +0.49 pp weight change; +1.2% relative return; weight 1.45%Telecom Tower REITs: -0.13 pp weight change; -27.3% relative return; weight 0.31%Broadline Retail: +0.14 pp weight change; +0.5% relative return; weight 4.77%Broadline RetailOil & Gas Exploration & Production: -0.01 pp weight change; -18.9% relative return; weight 0.73%Industrial Gases: -0.12 pp weight change; -15.5% relative return; weight 0.57%Electronic Components: +0.11 pp weight change; +60.4% relative return; weight 0.29%Automotive Parts & Equipment: -0.01 pp weight change; +1.9% relative return; weight 0.04%Office REITs: -0.03 pp weight change; -29.2% relative return; weight 0.05%Paper & Plastic Packaging Products & Materials: -0.03 pp weight change; -28.7% relative return; weight 0.35%Water Utilities: -0.01 pp weight change; -17.1% relative return; weight 0.05%Consumer Finance: +0.16 pp weight change; +9.0% relative return; weight 0.79%Automotive Retail: +0.19 pp weight change; +17.1% relative return; weight 0.33%Aerospace & Defense: +0.31 pp weight change; +12.6% relative return; weight 2.59%Aerospace & DefenseDiversified Banks: +0.53 pp weight change; +22.3% relative return; weight 3.84%Diversified BanksMetal, Glass & Plastic Containers: -0.02 pp weight change; -35.9% relative return; weight 0.03%Computer & Electronics Retail: -0.02 pp weight change; -34.5% relative return; weight 0.03%Hotels, Resorts & Cruise Lines: +0.06 pp weight change; +12.4% relative return; weight 0.54%Oil & Gas Equipment & Services: -0.05 pp weight change; -14.1% relative return; weight 0.23%Pharmaceuticals: -1.02 pp weight change; -21.7% relative return; weight 3.39%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -7.1% relative return; weight 0.00%Health Care Distributors: +0.07 pp weight change; +23.5% relative return; weight 0.40%Construction Machinery & Heavy Transportation Equipment: -0.00 pp weight change; +2.5% relative return; weight 0.74%Financial Exchanges & Data: -0.16 pp weight change; -13.2% relative return; weight 0.94%Real Estate Services: +0.00 pp weight change; +2.0% relative return; weight 0.17%Fertilizers & Agricultural Chemicals: -0.01 pp weight change; -1.1% relative return; weight 0.14%Regional Banks: -0.01 pp weight change; +0.1% relative return; weight 0.31%Household Products: -0.13 pp weight change; -29.6% relative return; weight 0.28%Air Freight & Logistics: -0.15 pp weight change; -32.7% relative return; weight 0.27%Cable & Satellite: -0.12 pp weight change; -30.7% relative return; weight 0.27%Health Care Services: -0.07 pp weight change; -10.0% relative return; weight 0.45%Restaurants: -0.23 pp weight change; -19.3% relative return; weight 0.89%Managed Health Care: -0.85 pp weight change; -47.9% relative return; weight 0.87%Consumer Staples Merchandise Retail: -0.04 pp weight change; -1.0% relative return; weight 2.63%Consumer Staples Merchandise RetailTransaction & Payment Processing Services: -0.21 pp weight change; -17.6% relative return; weight 0.90%Communications Equipment: +0.33 pp weight change; +17.2% relative return; weight 1.10%Rail Transportation: -0.09 pp weight change; -10.7% relative return; weight 0.55%Diversified Support Services: +0.08 pp weight change; -16.1% relative return; weight 0.30%Integrated Oil & Gas: -0.09 pp weight change; -6.2% relative return; weight 0.54%Passenger Airlines: +0.01 pp weight change; +8.7% relative return; weight 0.17%Agricultural & Farm Machinery: -0.02 pp weight change; -5.5% relative return; weight 0.25%Homebuilding: -0.08 pp weight change; -24.7% relative return; weight 0.20%Movies & Entertainment: +0.05 pp weight change; +10.4% relative return; weight 0.59%Data Center REITs: -0.05 pp weight change; -16.8% relative return; weight 0.27%Health Care REITs: +0.05 pp weight change; +9.5% relative return; weight 0.33%Industrial Machinery & Supplies & Components: -0.19 pp weight change; -15.5% relative return; weight 0.92%Research & Consulting Services: -0.04 pp weight change; -22.3% relative return; weight 0.13%Reinsurance: -0.01 pp weight change; -22.7% relative return; weight 0.03%Multi-Family Residential REITs: -0.05 pp weight change; -23.0% relative return; weight 0.16%Self-Storage REITs: -0.08 pp weight change; -30.0% relative return; weight 0.16%Automobile Manufacturers: +0.92 pp weight change; +41.4% relative return; weight 3.08%Automobile ManufacturersTrading Companies & Distributors: +0.06 pp weight change; +5.8% relative return; weight 0.24%Copper: -0.05 pp weight change; -32.2% relative return; weight 0.11%Broadcasting: +0.05 pp weight change; +101.4% relative return; weight 0.10%Retail REITs: -0.04 pp weight change; -9.9% relative return; weight 0.29%Systems Software: +0.44 pp weight change; +2.3% relative return; weight 8.28%Systems SoftwarePackaged Foods & Meats: -0.17 pp weight change; -27.0% relative return; weight 0.38%Distributors: -0.01 pp weight change; -12.9% relative return; weight 0.04%Consumer Electronics: +0.02 pp weight change; +20.8% relative return; weight 0.09%Investment Banking & Brokerage: +0.40 pp weight change; +33.5% relative return; weight 1.41%Leisure Products: -0.00 pp weight change; -7.0% relative return; weight 0.02%Health Care Facilities: -0.04 pp weight change; -10.1% relative return; weight 0.20%Home Improvement Retail: -0.21 pp weight change; -14.7% relative return; weight 1.09%Industrial Conglomerates: -0.08 pp weight change; -10.9% relative return; weight 0.51%Hotel & Resort REITs: -0.02 pp weight change; -12.3% relative return; weight 0.09%Other Specialized REITs: -0.02 pp weight change; -24.7% relative return; weight 0.06%Construction & Engineering: +0.08 pp weight change; +13.4% relative return; weight 0.22%Cargo Ground Transportation: -0.05 pp weight change; -37.5% relative return; weight 0.09%Oil & Gas Storage & Transportation: +0.00 pp weight change; +1.4% relative return; weight 0.44%Soft Drinks & Non-alcoholic Beverages: -0.35 pp weight change; -22.7% relative return; weight 1.09%Food Retail: -0.01 pp weight change; +2.1% relative return; weight 0.09%Casinos & Gaming: -0.02 pp weight change; -6.5% relative return; weight 0.12%Construction Materials: +0.00 pp weight change; +2.7% relative return; weight 0.16%Tobacco: +0.09 pp weight change; +17.1% relative return; weight 0.73%Oil & Gas Refining & Marketing: -0.02 pp weight change; +1.0% relative return; weight 0.33%Gold: +0.04 pp weight change; +36.9% relative return; weight 0.19%Apparel, Accessories & Luxury Goods: -0.07 pp weight change; -22.7% relative return; weight 0.21%Steel: -0.03 pp weight change; -15.8% relative return; weight 0.10%Advertising: -0.02 pp weight change; -30.5% relative return; weight 0.03%Personal Care Products: -0.27 pp weight change; -24.1% relative return; weight 0.78%Industrial REITs: -0.06 pp weight change; -20.0% relative return; weight 0.21%Electronic Equipment & Instruments: -0.04 pp weight change; -14.9% relative return; weight 0.25%Apparel Retail: -0.00 pp weight change; +0.8% relative return; weight 0.42%Environmental & Facilities Services: -0.03 pp weight change; -6.6% relative return; weight 0.43%Food Distributors: -0.01 pp weight change; -7.8% relative return; weight 0.08%Integrated Telecommunication Services: -0.03 pp weight change; +0.5% relative return; weight 0.78%Electronic Manufacturing Services: +0.04 pp weight change; +32.4% relative return; weight 0.18%Other Specialty Retail: +0.05 pp weight change; -3.3% relative return; weight 0.11%Timber REITs: -0.02 pp weight change; -35.9% relative return; weight 0.04%Interactive Home Entertainment: +0.03 pp weight change; +43.0% relative return; weight 0.10%Data Processing & Outsourced Services: -0.00 pp weight change; -4.3% relative return; weight 0.06%Gas Utilities: +0.00 pp weight change; +7.1% relative return; weight 0.05%Commodity Chemicals: -0.06 pp weight change; -61.6% relative return; weight 0.03%Wireless Telecommunication Services: -0.02 pp weight change; +0.1% relative return; weight 0.54%Technology Distributors: -0.03 pp weight change; -39.3% relative return; weight 0.04%Heavy Electrical Equipment: +0.17 pp weight change; +91.8% relative return; weight 0.35%Single-Family Residential REITs: -0.01 pp weight change; -26.6% relative return; weight 0.04%Passenger Ground Transportation: +0.04 pp weight change; +10.9% relative return; weight 0.41%Footwear: +0.02 pp weight change; -45.9% relative return; weight 0.03%Health Care Technology: -0.00 pp weight change; -10.9% relative return; weight 0.03%Homefurnishing Retail: +0.05 pp weight change; +6.1% relative return; weight 0.05%12M CHANGE IN UNIVERSE WEIGHT →↑ 12M RETURN RELATIVE TO ACWI

Gaining weight · outperforming

Both dimensions increased over 12 months.

Gaining weight · underperforming

Market-weight gains coexist with negative relative returns.

Losing weight · outperforming

Relative return is positive while market weight fell.

Losing weight · underperforming

Both dimensions declined over 12 months.

The axes use raw changes and a zero boundary, not an opinion or a standardised score. A sector may gain market weight without outperforming the benchmark because allocation and relative return are different dimensions. No quadrant is called a future winner or an investment signal.